I Live in California.
I need advice on some of the exemptions in this state.
Married, one child, 2 car payments(lease one, loan on another),renting a home and own a business, current on all personal and business credit and loan accounts(business loan and student loans,credit cards). Excellent credit. I own a lot with a family member, not worth more than $25000.
Business not doing well,breaking even every month and strongly considering on filing. Problem is, that I personally garuanteed the business loan, over $1 million. The seller misrepresented the P and L's and I dont have hard proof. I looked into suing. I cant afford to retain an attorney. I have no way out.
We are making a paycheck every month but the business is not viable.
How much money can I have in my personal checking account(each of us, wife and myself)
that can be protected?
Can bankruptcy discharge be denied based on my circumstance?
Can my lot be exempted if I make it a burial plot? should I sell it?
If I were to start withdrawing money from my checking account, would saying I was wrecklessing spending it, gambling,etc... hold up in court?
How much am I allowed to donate as a gift
to relative per year?